Health insurance policies were always a thing which gained
humans interest even before COVID-19. Amidst the spread of pandemic all over
the world, people have started thinking critically to opt for a health
insurance policy. Health issues are very common to every human. Every human has
to face some sort of illness or mishap once in their life. Health care
facilities have become expensive and can sting you hard financially. To get
your self-covered, health insurance policies are a go to option.
But before buying a policy, here are certain points you need
to keep in mind.
1 Choosing the right amount of premiums
When choosing a health insurance package, the sum should be
chosen carefully since it covers medical costs for one year. Taking your age
into account; the younger you are the lower the insured amount you need. One
should also look at his or her income level in order to analyse the affordable
premium. Add-ons are also vital in terms of their effect on premium numbers.
2 Method of claim
The claim process should be easy. The smoother the claims
process and the quicker the claims are settled, the easier it is for the
insured. These two are also main considerations when it comes to policy
selection. Strong customer service is an added benefit that should be looked up
while choosing a policy.
3 Family health insurance
When buying health insurance policies, make sure you keep
your family members and their age in mind. Before buying insurance, consider
their current conditions, if any, as well as the medical history of the family.
In addition, before purchasing a policy, consult with your family members for
any pre-existing diseases.
4 Cumulative Bonus
Cumulative bonus applies to the increase in the amount
insured if no claim has been made against the policy in previous years. This
balance is added to the amount covered at the time of the renewal of the
policy. Clarifying this point before finalising the policy will be beneficial.
5 Renewal for Lifetime
Look for health policies that promise life-long
renewability. There is a greater risk of suffering from sickness and illness
when you''re old compared to when you''re young—a health program that promises
life-long renewal is what you should buy.
6 Benefits of motherhood
With medical costs on the rise, the cost of pregnancy has
also skyrocketed . It is important for women to purchase a health insurance
scheme that includes maternity benefits. In the case of maternity benefits,
consideration should be given to the waiting time for maternity allowances to
be claimed and to the sub-limit. The regulation should also include outpatient
and policy-related exclusions.
7 Network Hospital
Cashless network of hospitals should always be reviewed with
the insurance provider. At the time of medical emergency or hospitalisation,
the hospitals in the network give cashless options—the insurer settles medical
bills directly with the insurer. Go to insurers with a high number of network
8 Clause for the Waiting Time
If you are aware of the waiting period clause, you will be
in a better position to make a decision before buying insurance policy. During
this time, the insurer will not consider any claims resulting from pre-existing
illnesses or specific illnesses. And it can vary from 24 months to 48 months
depending on the insurer and the package you have selected. In addition, you
will only be eligible to demand the benefits after this time is over.
This waiting period extends to pre-existing conditions such
as thyroid, blood pressure, diabetes, etc. that one might have until purchasing
a policy. It is also applicable to many particular treatments and disorders
such as arthritis, varicose veins, cataracts, etc. So, you can compare and
select a package that comes with a minimal waiting time so that you can receive
benefits in the circumstance of a health emergency.
9 Pre-and post-hospitalisation coverage
Many insurance benefits cover medical costs incurred while
hospitalisation. Buy a package that includes pre-hospital and post-hospital
costs as well as expenses incurred for ambulance charges, medical tests,
medications, medical fees, etc.
10 Clause for co-payment
Many people find this word confusing and prefer to disregard
it at the time of purchase. It is simply the proportion of the amount that you
will have to pay at the time of the claim, and the remainder would be paid by
the insurer. So before you sign your mediclaim policy check, if there is some
co-payment provision that may have an effect on your claim amount. Buy a
package that does not have sub-limits if possible.
Once you’ve analysed all these critical points before opting
for a policy, you’ll probably choose the correct one.